HDFC Bank aims to double semi-urban, rural biz in four years, says official
HDFC Bank is targeting to double its semi-urban and rural (SURU) business in the next three to four years, a senior official said on Thursday.
The country's largest private sector lender, however, did not share the present size of the SURU business on both assets and deposits front.
The bank said already 52 per cent of its overall 7,821 branches are in SURU locations, and it will be adding another 675 branches over the next 12-14 months to take the SURU branches close to 5,000.
Its country head for retail branch banking Arvind Vohra told reporters that SURU locations support over 70 per cent of the population, and the bank feels that it presents a big business opportunity.
Vohra said the bank will be increasing its business in the SURU locations by expanding reach and also introducing stronger product propositions in the market, which are tailor-made keeping in mind the needs of the local population.
The bank is also examining the possibility of adopting different loan underwritin